Stock Analysis on Net
Stock Analysis on Net

FedEx Corp. (NYSE:FDX)

Common-Size Income Statement
Quarterly Data

FedEx Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: May 31, 2026 Feb 28, 2026 Nov 30, 2025 Aug 31, 2025 May 31, 2025 Feb 28, 2025 Nov 30, 2024 Aug 31, 2024 May 31, 2024 Feb 29, 2024 Nov 30, 2023 Aug 31, 2023 May 31, 2023 Feb 28, 2023 Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020
Revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Salaries and employee benefits -34.26 -36.75 -35.77 -36.24 -34.60 -35.56 -35.87 -36.08 -34.60 -35.39 -35.34 -35.91 -34.43 -35.26 -34.15 -33.81 -32.40 -34.87 -34.66 -35.34 -34.87 -37.24 -36.20 -35.46
Purchased transportation -24.65 -25.35 -25.08 -24.67 -24.12 -25.42 -25.04 -24.45 -23.27 -24.59 -24.34 -23.23 -22.60 -24.37 -24.83 -24.81 -24.37 -26.53 -26.59 -25.72 -24.95 -26.31 -26.29 -25.76
Rentals and landing fees -4.98 -5.15 -5.16 -5.36 -5.13 -5.32 -5.32 -5.38 -5.14 -5.27 -5.13 -5.31 -5.38 -5.44 -5.24 -4.99 -4.82 -5.18 -5.01 -5.15 -4.80 -5.26 -4.89 -4.84
Depreciation and amortization -4.39 -4.63 -4.55 -4.91 -4.76 -4.81 -4.84 -5.00 -4.99 -4.93 -4.69 -4.94 -4.90 -4.65 -4.58 -4.41 -4.17 -4.17 -4.24 -4.41 -4.32 -4.44 -4.55 -4.79
Fuel -5.73 -3.57 -3.79 -3.92 -3.89 -4.01 -4.31 -4.98 -5.16 -5.24 -5.99 -5.08 -5.22 -6.09 -6.98 -7.84 -7.21 -5.08 -4.88 -4.59 -4.15 -3.51 -3.04 -2.92
Maintenance and repairs -3.31 -3.21 -3.79 -3.79 -3.61 -3.53 -3.78 -3.84 -3.66 -3.70 -3.85 -3.80 -3.57 -3.56 -3.87 -3.89 -3.45 -3.48 -3.57 -3.95 -3.92 -3.82 -3.96 -4.17
Separation and other costs -1.24 -0.84 -0.91 -0.20 -0.15 -0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Goodwill and other asset impairment charges -0.09 0.00 0.00 0.00 -0.09 0.00 0.00 0.00 -0.71 0.00 0.00 0.00 -0.53 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Business optimization costs -0.82 -0.27 -0.13 -0.30 -0.55 -0.81 -1.48 -0.59 -0.99 -0.52 -0.65 -0.48 -0.51 -0.55 -0.16 -0.16 -0.25 -0.45 -0.19 -0.30 -0.47 -0.05 0.00 0.00
Other -14.33 -14.62 -14.96 -15.27 -15.03 -14.69 -14.57 -14.68 -14.44 -14.64 -14.24 -14.40 -16.01 -15.38 -15.03 -14.96 -15.43 -14.63 -14.06 -14.18 -14.56 -14.69 -13.94 -13.81
Operating expenses -93.80% -94.38% -94.13% -94.67% -91.93% -94.17% -95.21% -95.00% -92.97% -94.28% -94.24% -93.15% -93.15% -95.30% -94.85% -94.88% -92.11% -94.39% -93.20% -93.65% -92.04% -95.33% -92.88% -91.77%
Operating income 6.20% 5.62% 5.87% 5.33% 8.07% 5.83% 4.79% 5.00% 7.03% 5.72% 5.76% 6.85% 6.85% 4.70% 5.15% 5.12% 7.89% 5.61% 6.80% 6.35% 7.96% 4.67% 7.12% 8.23%
Interest, net -0.56 -0.58 -0.58 -0.53 -0.56 -0.52 -0.46 -0.39 -0.43 -0.42 -0.44 -0.42 -0.48 -0.55 -0.56 -0.61 -0.65 -0.69 -0.66 -0.73 -0.82 -0.87 -0.89 -0.95
Other retirement plans, net 2.83 0.25 0.25 0.27 2.54 0.23 0.23 0.23 2.72 0.18 0.18 0.18 3.42 0.46 0.44 0.43 -4.53 0.89 -0.20 0.98 6.34 0.94 0.73 1.04
Loss on debt extinguishment 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.74 0.00 0.00 0.00
Other, net -0.04 -0.03 -0.06 0.03 -0.05 -0.20 -0.09 0.05 -0.15 -0.04 -0.08 -0.05 -0.09 0.00 -0.40 0.02 0.10 0.00 -0.06 0.01 -0.16 0.13 -0.12 -0.01
Other income (expense) 2.22% -0.35% -0.38% -0.23% 1.94% -0.50% -0.32% -0.11% 2.14% -0.28% -0.33% -0.29% 2.85% -0.09% -0.51% -0.16% -5.08% 0.21% -0.92% 0.27% 3.62% 0.20% -0.29% 0.08%
Income before income taxes 8.43% 5.26% 5.49% 5.10% 10.00% 5.33% 4.47% 4.89% 9.17% 5.44% 5.42% 6.56% 9.70% 4.61% 4.64% 4.97% 2.80% 5.82% 5.88% 6.62% 11.58% 4.88% 6.84% 8.31%
Provision for income taxes -2.04 -0.86 -1.42 -1.39 -2.59 -1.23 -1.09 -1.21 -2.51 -1.40 -1.36 -1.59 -2.69 -1.13 -1.19 -1.20 -0.52 -1.11 -1.43 -1.57 -3.30 -0.73 -0.88 -1.87
Net income 6.39% 4.40% 4.07% 3.70% 7.42% 4.10% 3.37% 3.68% 6.67% 4.04% 4.06% 4.97% 7.01% 3.48% 3.45% 3.76% 2.29% 4.70% 4.45% 5.05% 8.28% 4.15% 5.96% 6.44%

Based on: 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31).

The common-size income statement reveals a cost structure characterized by high operating leverage, where operating expenses consistently consume between 91.77% and 95.33% of total revenue. Operating income margins exhibit moderate volatility, ranging from a low of 4.67% in February 2021 to a high of 8.23% in August 2020, reflecting the company's sensitivity to variable input costs and systemic operational pressures.

Primary Operating Cost Drivers
Salaries and employee benefits represent the largest single expenditure, remaining relatively stable between 32.40% and 37.24% of revenue. Purchased transportation constitutes the second largest cost, generally fluctuating between 22.60% and 26.59%. These two components together account for approximately 60% of total revenue throughout the period.
Fuel Cost Volatility
Fuel expenses demonstrate significant fluctuation, serving as a primary driver of margin variability. Costs escalated from 2.92% in August 2020 to a peak of 7.84% in August 2022, before trending downward toward 3.57% by February 2026, with a brief spike to 5.73% in May 2026.
Fixed and Semi-Fixed Costs
Rentals, landing fees, and depreciation and amortization remain remarkably consistent. Rentals and landing fees typically range from 4.80% to 5.44%, while depreciation and amortization costs fluctuate narrowly between 4.17% and 5.00% of revenue.
Operational Optimization and Restructuring
A sustained trend of business optimization costs is evident beginning in February 2021, with expenditures peaking at 1.48% of revenue in November 2024. More recently, separation and other costs emerged as a new expense line item starting in February 2025, increasing to 1.24% by May 2026, suggesting a shift toward workforce or structural reorganization.
Non-Operating Influences
Net income is significantly impacted by volatile "Other retirement plans, net" figures, which have fluctuated from a gain of 6.34% in May 2021 to a loss of 4.53% in May 2022. These non-operating swings often create a divergence between operating income and final net income margins.
Profitability Trends
Net income margins have fluctuated between a floor of 2.29% in May 2022 and a ceiling of 8.28% in May 2021. While operating income has shown periods of resilience, the bottom line remains susceptible to the combined effects of fuel price volatility, tax provision changes, and non-operating adjustments.

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